Core Insights - iQIYI has optimized its membership product system, now offering five membership options to cater to individual and family needs, categorized into basic, standard, and premium tiers [1][3]. Financial Performance - For the full year, iQIYI reported a revenue of 29.23 billion RMB, achieving operational profitability for three consecutive years. In Q4, total revenue reached 6.61 billion RMB, with membership revenue accounting for 4.1 billion RMB [1]. Membership Product Optimization - The new membership system is streamlined, featuring five products that meet both individual and family demands. iQIYI phased out several standalone products, integrating content rights into the main membership offerings [3]. - Membership rights are now clearly defined, with three tiers: ad-supported basic membership, standard memberships (golden and platinum), and high-end family membership (star diamond). This differentiation enhances user experience and platform growth [4]. - The introduction of the golden membership family card allows for affordable and compliant subscriptions for family members, effectively expanding the membership base and improving retention [4]. Future Strategies - iQIYI plans to enhance user loyalty and recommendation rates through various operational and marketing initiatives, including stable content supply, optimizing membership products, and increasing the value of membership rights and benefits [5].